Telecom shares gain, Idea Cellular at four year high
Idea Cellular,Tata Teleservices (Maharashtra), Reliance Communications and Bharti Airtel are up 1-6% on the BSE.
Shares of telecom services provider are trading higher in the range of 1-2% in otherwise subdued market in morning trades after the Empowered Group of Ministers (EGoM) on telecom on Monday decided to slash the reserve price for CDMA spectrum by 30%-50%.
Among the individual stocks Idea Cellular is trading higher by 2.5% at Rs 112, its highest level since June 2008 on the Bombay Stock Exchange.
Tata Teleservices (Maharashtra) has rallied almost 5% to Rs 13.19, followed by Reliance Communications (up 2.6% at Rs 84) and Bharti Airtel (up 1% at Rs 330).
"The cabinet will take a final decision. Auction for 800 MHz will be conducted in March following the auctions of 1800 MHz and 900 MHz bands that would start on March 11,” the Business Standard report suggests quoting a top government official from EGoM headed by Finance minister P Chidambaram.